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Glencore: Having a good war

Russian President Vladimir Putin’s special military exercise is a tragedy for the people of Ukraine and a pretty raw deal for his army of largely unwilling conscripts, but it has had the side effect of sending an absolute tidal wave of cash into the already bulging coffers of Glencore. It has announced that earnings in its marketing business alone for the first half of the year are expected to come in somewhere north of $3.2bn, higher than the top end of the guidance it had given for the division for the year...

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